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VTB Bank to expand credit to KuibyshevAzot

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21 May 2014

VTB Bank has signed an agreement with KuibyshevAzot to provide a long-term RUB 2 billion credit line. Initially, the bank issued a loan of RUB 600 million for five years. The funds will be used to cover operating expenses.

In addition, the bank provided a guarantee that it would return reimbursed VAT of some RUB 590 million to ensure the fulfillment of the company’s obligations to return VAT to the budget based on its Q1 2014 results. Over the past two years, the company has been a regular VTB customer for such guarantees.

First Deputy President and Chairman of the VTB Bank Management Board Yuri Soloviev said, «VTB Bank and KuibyshevAzot are connected through a long-term, mutually beneficial partnership since 2003. We are ready to provide our latest banking products and services to support the holding’s successful growth.»

Apart from loans, VTB also provides settlement and cashier services, letter of credit payments on closed contracts, and international banking services for businesses.

KuibyshevAzot is a leading company in the Russian chemical industry. Its two major spheres of activity include:

— the production of caprolactam and its derivatives (PA-6, high tenacity yarns, cord fabric, engineering plastics);

— the production of ammonia and nitrogen fertilizers.

KuibyshevAzot also produces process gases to satisfy the needs of its spheres of activity that can also serve as commodity products.